VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, is pleased to
announce that drilling is underway at its Hecla-Kilmer (“H-K”)
property located in northern Ontario. Drilling will focus on two of
three areas of high grade critical metal mineralization discovered
by VR within a large hydrothermal breccia system hosted within the
multiphase alkaline complex with carbonatite at Hecla-Kilmer.
- Four to five holes are planned for a total of approximately
2,000 metres.
- The program is expected to take four to five weeks to
complete.
- Geochemical data are expected through year-end and into the
first quarter of 2023.
Drilling is again being done from our
exploration camp established in 2020 on private land at Otter
Rapids located just 23 km southeast of the property (photo in
Figure 1). The camp has “green” electrical
service, situated at the terminus of Highway 634 which links the
hydroelectric facility at Otter Rapids to the towns of Cochrane and
Kapuskasing located on the northern Trans-Canada Highway 11 to the
south. The Ontario Northern Railway also passes through Otter
Rapids to service the communities of Moose Factory and Moosonee
located on the tidewaters of James Bay some 125 km to the
northeast.
From VR’s CEO, Dr. Michael Gunning, “It is good
to have the camp up and running and the drill turning again on our
critical metal discovery at Hecla-Kilmer. The program and approach
at Hecla-Kilmer have advanced, from reconnaissance in nature when
our exploration began in 2019, to advanced-stage delineation
drilling in this, our fourth program, which is targeting known,
high-grade polymetallic mineralization intersected at or near
surface in three separate areas spanning 2.5 km.
The magnetic map in Figure 1
shows the key intersections of critical metals made to date,
located in the northwest quadrant, central core and south rim of
the multiphase intrusive complex at Hecla-Kilmer.
There are two specific objectives of this fall
drill program:
- Delineate and/or extend the high-grade mineralization in Hole
13 (243 metre intersection of 1% Total Rare Earth Oxides “TREO”)
both down plunge to the southeast and along strike to the southwest
along respective controlling structures.
- Track the high-grade mineralization in Hole 15 on the south rim
of the complex along a controlling northeast-southwest structure
evident on regional and detailed magnetic maps.
Additionally, time and weather permitting, we
will evaluate completing an initial test hole on the southeast
structural boundary of the circular magnetic anomaly at the
Company’s new Northway property located just 12 km to the northeast
of Hecla-Kilmer (see Figure 3 in NR22-09 dated July 27, 2022).
To be clear, our drilling remains early-stage
for a complex of the size of Hecla-Kilmer. That said, we have now
intersected high-grade critical metal mineralization that exceeds
1% TREO in 11 of the 17 holes completed to date. Further, the
recent 287 metre intersection in Hole 13 highlights the potential
for very high in-situ values at Hecla-Kilmer due to the unusually
high proportion of magnet REO’s, and the polymetallic nature of the
REE mineralization, which includes yttrium and niobium. With that,
we are excited to be advancing to the stage of delineating the
volume potential of the areas of high-grade mineralization
discovered to date, and we look forward to providing further
updates as this drilling program is completed and our geochemical
data arrive towards year-end.”
Background
Hecla-Kilmer (“H-K”) is a large and multiphase
alkaline intrusive complex with carbonatite. It is 4 – 6 km in
size, Proterozoic in age, and was emplaced along the western margin
of the crustal-scale Kapuskasing structural zone which bisects the
Archean Superior Craton in northern Ontario.
Ashland Oil and Elgin Petroleum did
reconnaissance drilling at H-K in 1970 as part of a regional base
metal exploration program. A scant 854 m were completed in five
holes, all located on magnetic highs in the outer concentric zones
of the complex. No geochemical sampling or data are reported. Selco
Exploration Company completed two drill holes in 1981 on peripheral
magnetic highs as part of a regional diamond exploration program.
After this historical drilling, a regional airborne magnetic survey
was completed in 1993 for ongoing diamond exploration in the
region, and it provided a new and high-resolution of detail for the
entire H-K complex.
The opportunity for VR is to be the first
company to apply modern IOCG and carbonatite mineral deposit models
to explore the multiphase H-K complex and hydrothermal breccia
system as a whole, and to use new exploration technologies not
previously available when the historic drilling was done.
VR completed the first airborne EM survey over
H-K in June, 2020, using the state-of-the-art VTEM+ system of
Geotech Ltd. Flown at 100 m line spacing over a 6 x 7 km survey
block for a total of 450 line-km, the data provide a high
resolution of detail. The Company also completed an independent,
3-D inversion of both magnetic and EM data, for improved modeling
of the complex in three dimensions. A detailed, ground-based
gravity survey covering an area of 1.5 x 3.5 km was completed in
the winter season of 2021, with high-resolution data generated from
597 stations on an equant grid spacing of 100 m.
VR completed four drill holes for a total of
1,971 m in October, 2020, targeting the northern MVI (magnetic
inversion) anomaly at H-K. In October, 2021, the Company followed
up that drilling with the completion of 5 additional holes for a
total of 2,604m, targeting the high contrast, 3.5 mGal gravity
anomaly that is co-spatial with, but slightly offset from the MVI
magnetic anomaly. Fluorite-carbonate hydrothermal breccia with
carbonatite vein breccia was discovered in Holes 2 and 4. It comes
to surface and hosted in a high temperature, sulfide-bearing
calc-potassic alteration system which completely overprints
original alkaline and carbonatite host rocks, and contains broad
and polymetallic intersections up to 299 m long of critical metals
including both light and heavy rare earth elements, yttrium,
niobium, phosphorous and iron, with copper locally and elevated
gold on some controlling structures.
A state-of-the-art, ultra- high-resolution drone
magnetic survey completed over the northwestern part of the H-K
complex in the fall of 2021, and was expanded in the winter season
of 2022. The final survey is 3.4 x 4.5 km in size, comprising 121
lines at both 25 and 50 m line-spacing for a total of 410 line-km.
A third drill program was completed at Hecla-Kilmer in May-June of
2022, to follow up on the broad, polymetallic intersections of
critical metals in 2020 and 2021 by using the analytic signal
(“AS”) magnetic anomalies derived from the new drone airborne
survey as an indication of higher concentrations of hydrothermal
magnetite. A total of 2,751 metres were completed in eight drill
holes ranging from 249 – 378 metres long. Key results include:
- Hole 13
intersected 243 metres @ 1.01% TREO, of which 20%
are PMREO, within 287 metres @ 0.90% TREO, starting at
surface and continuous to the bottom of the hole, and
including 65 metres at 1.66% TREO, starting at 155 metres, of which
21% are PMREO, and which includes 39 metres @ 2.01% TREO starting
at 155 metres.
- Hole 15 located some 2.5 km to the
south, on the south rim of the complex,
intersected 25.5 metres @ 1.131% TREO with
18% as Magnet REO*, within 55.2 metres @
0.70% TREO starting less than 30 metres from bedrock
surface.
VR has now intersected high grade Critical Metal
mineralization with > 1% TREO with a proportion of PMREO from
18-21 % in 11 of 17 drill holes. The
mineralization is at or near surface in three different areas 2.5
km apart. Drilling is still at a very early stage at H-K, yet the
17 holes completed to date demonstrate both the lateral and
vertical scale of the hydrothermal breccia and alteration system,
and the high value nature of the polymetallic critical metal
mineralization.
Technical Information
Summary technical and geological information for
the Company’s various exploration properties is available at the
Company’s website at www.vrr.ca.
VR submitted all drill core for GeologicAI XRF
and SWIR scanning, and selected sawn drill core samples for
geochemical assay to the ALS Global Ltd. (“ALS”) laboratory
facilities in Timmins, Ontario, with final geochemical analytical
work done at the ALS laboratory located in North Vancouver, BC.,
including lithium borate fusion, ICP-MS and ICP-AES analyses for
base metals, trace elements and full-suite REE analysis, and gold
determination by atomic absorption on fire assay. Analytical
results are subject to industry-standard and NI 43-101 compliant
QAQC sample procedures externally by the Company and internally at
the laboratory as described by ALS.
Technical information for this news release has
been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101. Justin Daley,
P.Geo., VP Exploration and a non-independent Qualified Person
oversees and/or participates in all aspects of the Company’s
mineral exploration projects, and the content of this news release
has been reviewed on behalf of the Company by the CEO, Dr. Michael
Gunning, P.Geo., a non-independent Qualified Person.
About the Hecla-Kilmer Property
The Hecla-Kilmer complex is located 23 km
northwest of the Ontario hydro-electric facility at Otter Rapids,
the Ontario Northland Railway, and the northern terminus of Highway
634 which links the region to the towns of Cochrane and Kapuskasing
to the south, itself located on the northern Trans-Canada
Highway.
The H-K property is large. It
consists of 224 mineral claims in one contiguous block
approximately 6 x 7 km in size and covering 4,617 hectares. The
property is owned 100% by VR. There are no underlying, annual lease
payments on the property, nor are there any joint venture or
back-in interests.
Hecla-Kilmer is located on provincial crown
land, with mineral rights administered by the Ontario Ministry of
Northern Development, Mines, Natural Resources and Forestry
(“MNDM”). There are no annual payments, but the MNDM requires
certain annual exploration expenditures and reporting. The property
falls within the traditional territories of the Moose Cree and
Taykwa Tagamou First Nations.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in copper, gold and critical
metals (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the
continuance of 4 years of active exploration in Nevada by a
Vancouver-based private company. The foundation of VR is the
diverse experience and proven track record of its Board in
early-stage exploration, discovery and M&A. The Company focuses
on underexplored, large-footprint mineral systems in the western
United States and Canada, and is well-financed for its exploration
strategies and corporate obligations. VR owns its properties
outright and evaluates new opportunities on an ongoing basis,
whether by staking or acquisition.
The Company continues its normal course of
business in 2022 within the framework of modified exploration
programs in response to the COVID-19 pandemic, with the goal of
ensuring the health and safety of staff and project personnel.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H.
Gunning”____________________________
Dr. Michael H. Gunning, PhD, PGeoPresident & CEO
For general information please use the following: Website:
www.vrr.ca
Email:
info@vrr.ca
Phone:
604-262-1104
Forward Looking Statements
This press release contains forward-looking
statements. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions or those which, by their nature,
refer to future events. Forward looking statements in this release
include those related to the companies upcoming plans, such as “The
program is expected to take
four to five weeks to complete”, and “VR
evaluates new opportunities on an ongoing basis, whether by staking
or acquisition.”
This news release contains statements and/or
information with respect to mineral properties and/or deposits
which are adjacent to and/or potentially similar to the Company’s
mineral properties, but which the Company has no interest in nor
rights to explore. Readers are cautioned that mineral deposits on
similar properties are not necessarily indicative of mineral
deposits on the Company’s properties.
Although the Company believes that the use of
such statements is reasonable, there can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future performance,
and that actual results may differ materially from those in
forward-looking statements. Trading in the securities of the
Company should be considered highly speculative. All of the
Company’s public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these materials.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in Policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Figure 1. The drill core
logging facility and camp have been re-established at Otter Rapids
in Northern Ontario for the fall 2022 drill program at
Hecla-Kilmer. Behind the treeline is the 182 MW hydroelectric dam
and the Ontario Northern Railway which connects Moose Factory and
Moosonee on James Bay to the north with the Canadian National line
in Cochrane to the south.
Figure 2. Key critical metal
intersections from the first 17 drill holes completed at
Hecla-Kilmer, plotted on a contoured RTP magnetic base map with
superimposed 3D isoshells from the MVI inversion. The fourth drill
program now underway in October, 2022, will focus on two of the
three areas with high grade TREO mineralization: 1. Hole 15 area in
the northwestern part of the multiphase complex, and; 2. Hole 15
area located some 2.5 km to the south in the south rim of the
complex.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3303d1d1-ca45-481e-aeb6-0718ba8234f6
https://www.globenewswire.com/NewsRoom/AttachmentNg/afd6e808-372d-4f34-96c9-bd07cc56ef19
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